Tough start to the week gets even tougher for Bitcoin
A tough start to the week in the markets got even tougher yesterday, with many stocks and cryptocurrencies seeing double digit drops over the course of the day. The overall market capitalisation of cryptocurrencies fell below $1 trillion for the first time since early 2021, while crypto-related stocks, led by MicroStrategy (MSTR), plunged.
Bitcoin itself saw its largest price drop in a year and is currently changing hands for $22,641 – down seven per cent over the past 24 hours and 23 per cent since this time last week. This morning has seen something of a bounce back for some cryptocurrencies, with a number of major cryptocurrencies including Cardano (ADA) and Solana (SOL) actually registering double digit gains over the past day as they recover. But is this the end, or is there more to come?
The biggest driver behind yesterday’s drop again appears to be investor fears that the US Federal Reserve will again this week have to tighten monetary policy aggressively to quash inflation, which is running at its hottest in four decades. The three main stock exchanges in the United States also all saw deep declines on Monday – with the S&P 500 officially entering bear market territory. It’s now more than 20 per cent below the record high it set in January. The markets have bounced back before, the question now is how long until they do so again.
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Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/research
Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $960 billion.
What Bitcoin did yesterday
We closed yesterday, June 13 2022, at a price of $22,141.26. The daily high yesterday was $26,795.59 and the daily low was $22,141.26.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $433 billion. To put it into context, the market cap of gold is $11.624 trillion and Tesla is $670.51 billion.
Bitcoin volume
The total spot trading volume reported by all exchanges over the last 24 hours was $73,206 billion. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility
The price volatility of Bitcoin over the last 30 days is 60.43%.
Fear and Greed Index
Market sentiment today is 8, in Extreme Fear.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 46.31. Its lowest ever recorded dominance was 37.09 on January 1 2018.
Relative Strength Index (RSI)
The daily RSI is currently 25.69. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
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Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube
Part One
https://www.youtube.com/watch?v=dvqNMNZTIDE
Part Two
https://www.youtube.com/watch?v=WXhX_-Tr5j0
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST